For many people, owning their own home is a major objective in life. Companies also purchase property for major investment purposes, even without a building on it. Whether a first-time buyer or a seasoned investor, the purchaser might also require the services of an expert real estate witness, either before the purchase or after.
People often make a lot of money by renting out property, whether residential or commercial. Some rental properties contain both elements with apartments above business space. Others might be single homes for small families or multiple units in larger apartment blocks.
People wishing to become landlords sometimes like to start out small and buy a single dwelling which can be rented out to an individual or a family. The prospective landlord often purchases the property with a loan, paying the loan down with the rental payments received. The income is also used to cover maintenance, upkeep, and property taxes. The cost of any expenses can often be used as write-offs against the income earned with the help of a qualified tax consultant or accountant.
Many professional real estate investors often purchase huge parcels of land for development purposes. Residential developments might consist of tracts of affordable housing or even for exclusive gated communities with on-site security where prices can run into the millions of dollars. Planning for these types of projects will often include negotiations with local government and require the services of architects, engineers, and construction companies to build the houses, streets, sewers, power lines, and other necessities to create a complete neighborhood.
Commercial properties also provide considerable revenue opportunities for investors. Some businesses prefer to enter into long-term leases, which guarantee the property owner consistent revenue over time, which can even run into many years. The business owner and the property owner can freely negotiate the terms of the lease. Common lease terms often include an additional payment of a percentage of the business owner’s profits, which provides yet another benefit to the landlord.
Large investment firms sometimes also buy property to develop shopping centers in densely populated areas. By increasing the number of available storefronts, the firms can rent space to a variety of businesses and vastly increase their leasing profits while creating a service for the community where customers can visit a great deal of shops in one convenient location.
Some investors are not interested in the land or buildings as much as they are interested in what lies beneath the ground. Mineral rights, such as oil or natural gas deposits, may provide a huge financial incentive to buy the land. The buyer may intend to drill for oil itself, or might instead wish to assign the rights to other companies and collect lease payments and royalties based on what is produced.
The purchase of any property will often benefit from an expert real estate witness who can provide invaluable information before and after closing. An expert witness can aid the purchaser in determining whether a property is suitable for an intended purpose before making the final decision about purchasing. After the purchase is completed, a witness can be called upon to make recommendations if problems arise and can provide expert testimony in court if the matter ends up before a judge.
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